Home Tax Vermont Tax Forms

Vermont Tax Forms

Modified date: September 9, 2023

Individual Income Tax Forms

Form IN-111 Income Tax Return

Corporate Income Tax Forms

Form BI-471 Business Income Tax Return

Sales Tax Forms

Form SMWA-1 Application for Refund

Property Tax Forms

Form LG-1 Land Gains Withholding Tax Return

Vermont Tax Forms: Everything You Need to Know

If you are a resident of Vermont, you are required by law to file state tax returns every year. Filing taxes can be a daunting task, but with the right tools and information, it can become a routine task. In this article, we will guide you through everything you need to know about Vermont tax forms.

What are Vermont Tax Forms?

Vermont tax forms are documents that taxpayers use to report their income and file taxes with the Vermont State Department of Taxes. These forms are specific to the state of Vermont and differ from federal tax forms.

There are several types of Vermont tax forms that taxpayers may need to complete, depending on their individual situation. The main Vermont tax forms are the Vermont Income Tax Return (Form IN-111), the Vermont Homestead Declaration and Property Tax Credit Claim (Form HS-122), and the Vermont Income Tax Payment Voucher (Form IN-151).

Who Needs to File Vermont Tax Forms?

If you are a Vermont resident, you must file a Vermont income tax return if your gross income exceeds a certain threshold. The threshold varies depending on your filing status and age, as outlined in the table below:

| Filing Status | Age | Gross Income Threshold |
| —————– | ————————| ———————–|
| Single | All ages | $10,350 |
| Married Filing Jointly | All ages | $20,700 |
| Married Filing Separately | All ages | $10,350 |
| Head of Household | All ages | $13,050 |
| Qualifying Widow(er) | All ages | $20,700 |
| Dependents | Under 65 years of age | $1,000 |

Even if your gross income does not exceed the threshold, you may still need to file a Vermont income tax return if you had Vermont income tax withheld from your paychecks, made estimated tax payments, or had a tax liability from a prior year.

If you are not a Vermont resident but earned income in Vermont, you may also be required to file a Vermont tax return. Nonresidents must file a Vermont Income Tax Return (Form IN-151) if either of the following apply:

– You earned income in Vermont and it was not subject to withholding tax
– You had Vermont income tax withheld from your paychecks

When Are Vermont Tax Forms Due?

Vermont tax forms are due on April 15th every year, which is the same deadline as federal tax returns. If April 15th falls on a weekend or holiday, the deadline is extended to the next business day.

If you need more time to file your Vermont tax return, you can request an extension by filing Form IN-151 by April 15th. This will give you an additional six months to file your return, but you must still pay any tax owed by the original due date to avoid penalties and interest.

What are the Different Vermont Tax Forms?

There are many different Vermont tax forms, but the most common ones that taxpayers need to file are:

– Vermont Income Tax Return – Form IN-111: This is the main form that Vermont residents and nonresidents use to report their income and calculate their Vermont income tax liability. You will need to attach copies of any federal schedules and forms that you used to compute your income.
– Vermont Homestead Declaration and Property Tax Credit Claim – Form HS-122: This form is used to establish residency and claim the homestead property tax exemption and credit. You will need to file this form if you own and occupy a property in Vermont as your primary residence on April 1st of the filing year.
– Vermont Income Tax Payment Voucher – Form IN-151: This form is used to make estimated tax payments, request an extension of time to file your Vermont income tax return, or to pay any balance due with your tax return.

In addition to these forms, there are several other Vermont tax forms that you may need to file depending on your individual situation. Some examples include:

– Schedule IN-112 – Vermont Tax Adjustments and Credits: This form is used to claim certain Vermont tax credits, such as the Earned Income Tax Credit, Child and Dependent Care Credit, and Property Tax Credit.
– Schedule IN-113 – Capital Gain and Loss: This form is used to report capital gains and losses from the sale of assets.
– Schedule IN-117 – Income Allocation and Apportionment: This form is used by multi-state businesses to allocate and apportion income to Vermont for tax purposes.

How to File Vermont Tax Forms?

There are several ways to file Vermont tax forms, including:

– File electronically using tax preparation software: Vermont participates in the Federal/State E-File program, which allows you to file both your federal and state tax returns electronically using approved third-party software. Many popular tax preparation software programs, such as TurboTax and H&R Block, offer this service.
– File electronically using myVTax: If you don’t want to use tax preparation software, you can file your Vermont tax forms electronically using myVTax, Vermont’s online tax filing system. You can access myVTax through the Vermont Department of Taxes website.
– File by mail: If you prefer to file your Vermont tax forms by mail, you can download the forms from the Vermont Department of Taxes website and mail them to the address listed on the forms.

Vermont Tax Forms: Tips for Filing

Filing your Vermont tax forms can be overwhelming, but there are a few tips that can make the process easier:

1. Organize your documents

Before you begin filling out your Vermont tax forms, make sure you have all the necessary supporting documents, such as your W-2s, 1099s, and other income statements. Having these documents organized and easily accessible can save you a lot of time and frustration.

2. Double-check your math

One of the most common mistakes on tax returns is errors in math. Always double-check your calculations and make sure you have entered the correct amounts in the correct boxes.

3. Check for errors and omissions

Another common mistake is forgetting to include all sources of income or deductions. Make sure to review your tax forms carefully to ensure that you have not made any errors or omissions.

4. Submit your tax forms on time

Failing to file your tax forms on time can result in penalties and interest charges. Make sure to submit your Vermont tax forms by the April 15th deadline, or request an extension if you need more time.

Conclusion

Filing Vermont tax forms can be a complicated and stressful task, but with the right information and tools, you can get through it smoothly. Make sure you understand the requirements for filing Vermont tax forms, have all the necessary supporting documents, and file your forms on time. If you have any questions or concerns, don’t hesitate to contact the Vermont Department of Taxes for assistance.